The move takes affect after Jacobs served a three-game suspension to end the regular season because of conduct detrimental to the team. On social media outlets, he had expressed frustration about his lack of playing time for head coach Jim Harbaugh.
While Jacobs hits the waiver wire, the 6'4, 264 pound back cannot play for another team until next season.
The move gives the 49ers the ability to bring on a kicker to either challenge or replace David Akers, according to Pro Football Talk. After a Pro Bowl season last year, Akers has hit just 29-of-42 field goals this year and was booed in Sunday's 27-13 win against the Arizona Cardinals. He went 2-of-4 in San Francisco's final regular season game.